Regal Beloit sales up 26.7%
Regal Beloit Corporation reported second quarter sales of $863.9 million increased 26.7% compared to $681.8 million for the second quarter of 2011.
The manufacturer of electric motors, mechanical and electrical motion controls and power generation products said net income rose to $62.7 million, or $1.49 a share, from $34.3 million, or 88 cents, a year ago.
Electrical segment sales of $783.6 million included $212.6 million from businesses acquired within the last 12 months, the company said. Sales of $80.3 million in the mechanical segment included $12.5 million from acquired businesses.
"As we enter the third quarter, we are seeing uncertainty in the macroeconomic environment, which could result in softer demand in our mid and late cycle businesses," Chief Executive Mark Gliebe said. "However, in the third quarter we expect year-over-year growth in our HVAC business, benefiting from the warmer summer."
Regal-Beloit recently announced plans to close four plants in the Juarez, Mexico, region and three warehouses in the United States to simplify manufacturing operations and save costs associated with its August 2011 acquisition of A.O. Smith Corp.'s Electrical Products Co.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
